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The decision to list your property for rent is a big one, but it’s also just the beginning of your journey. Now that you’ve committed to becoming a landlord and earning a little extra income, the real work can finally begin. There are several things you have to consider before you’ll be able to accept your first tenant. With the goal of a fully operational and highly profitable rental space in mind, let’s walk through some steps you can take to make your vision a reality.
Prepare Your Space
The first thing you’ll need to do is make sure that your space is ready for tenants. This includes a long list of inspections and preparations that will ensure the space is safe, habitable, and comfortable. Major utility and structural inspections should be your number one priority, followed by minor cosmetic updates and renovation projects. Give your space lots of curb appeal with a freshly cleaned exterior and lush landscaping.
Capture Photos & Descriptions
A picture is worth a thousand words, as they say. But what if you could do both? Once you’ve prepped your space, begin writing a detailed description that highlights your property’s best features and amenities. And don’t stop there; back it up with photos that show off the interior and exterior of your space. Be sure to capture the best angles in the best lighting to maximize the effect.
Compare Local Listings
One of the most important factors in deciding on a price point actually comes from beyond the property itself. Compile a record of some local listings. Compare items such as square footage, amenities, and location to see how your property stacks up. With a bit of research, you can decide how to price your space so that it’s competitive but profitable.
Market Your Space
You can start putting your listing description and photos to good use as you begin marketing your space. The critical thing is to get it in front of as many people as possible without spending a fortune. Online marketing is a fast and efficient way to make this happen, but don’t underestimate the power of in-person networking.
Screen Potential Tenants
Even as tenant applications begin pouring in, you’re not done yet. You still need to screen potential candidates to make sure they are an ideal fit for your space. This is a significant part of the process that will save you potential legal and financial headaches down the road.
Talley Properties: Working on Our Clients’ Behalf
The list of things to accomplish and keep track of can be overwhelming, especially for inexperienced landlords. A property manager is a viable option for helping to offset the workload and gain valuable insight into the industry. Reach out to our team here at Talley Properties to learn how you can benefit from our services!